Bitcoin Trades Sideways, ETF Outflows And U.S. Inflation Data Weigh

(MENAFN- Investor Ideas) Investorideas, a go-to platform for big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill.

Bitcoin continued to trade sideways and retraced today following significant outflows from Bitcoin and Ether ETFs. Bitcoin ETFs saw USD 251.03 million in outflows. Ether ETFs experienced USD 40.95 million in outflows. These outflows coincided with stronger-than-expected U.S. inflation data for January, weighing on digital asset prices and leading traders to expect a slower pace of Fed rate cuts. This market reaction has resulted in a short-term bearish outlook, with Bitcoin and the broader crypto market facing heightened caution.

However, proposed state-level strategic Bitcoin reserve bills in 20 U.S. states could drive up to USD 23 billion in Bitcoin purchases, equating to 247,000 BTC. These bills, which would surpass the U.S. government's current Bitcoin holdings of 198,100 BTC, could provide significant buying pressure and support for Bitcoin's price.

Meanwhile, Metaplanet, Asia's second-largest corporate holder of Bitcoin, will be added to the MSCI Japan Index on February 28, increasing visibility among institutional investors. This milestone could potentially contribute to driving toward Bitcoin.

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